Exhibit 10.6
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND IS THE TYPE OF INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED
JPMORGANCHASEBANK,N.A.
TRADE&WORKINGCAPITAL
[***]
SWIFT:[***]
DATE:23Oct2026
FORM OF IRREVOCABLE STANDBY LETTER OF CREDIT
REFERENCE NO.: [***]
TO:UNITEDTHERAPEUTICSCORPORATION 1000 SPRING STREET, SILVER SPRING, MARYLAND 20910
UNITED STATES
DEARSIR/MADAM,
WEHEREBYISSUEOURIRREVOCABLESTANDBYLETTEROFCREDITINYOURFAVOR.
BENEFICIARYUNITEDTHERAPEUTICSCORPORATION
1000 SPRING STREET, SILVER SPRING,
MARYLAND 20910
UNITED STATES
ACCOUNTPARTYLIQUIDIATECHNOLOGIES,INC.
419 DAVIS DR STE 100,
MORRISVILLE,NC27560-7551
DATE OF EXPIRY[***]
OURCOUNTER
USD 72,700,000.00
ISPLATESTVERSION
WE HEREBY ISSUE THIS LETTER OF CREDIT FOR THE ACCOUNT OF LIQUIDIA CORPORATION 419DAVISDRSTE100MORRISVILLE, NORTH CAROLINA, 27560 ON BEHALF OF LIQUIDIA TECHNOLOGIES, INC.
FUNDSUNDER THISCREDIT AREAVAILABLE ATSIGHTWITHJPMORGAN CHASE BANK N.A. UPON PRESENTATION OF THE FOLLOWING:
BENEFICIARY'S SIGNED ANDDATED STATEMENT READING ASFOLLOWS: "LIQUIDIA TECHNOLOGIES, INC.HAS FAILED TO PAY ALL OR ANY PORTIONOFANAPPLICABLE PROSPECTIVEINFRINGEMENTINSTALLMENT, EACH SUCH INSTALLMENT BEING IN THE AMOUNT OF USD72,700,000.00, THAT HASBECOME DUEANDPAYABLE PURSUANT TOSECTION 2.2OFTHAT CERTAIN SETTLEMENTAGREEMENT,DATED AS OF OCTOBER 13, 2026, BY AND BETWEEN LIQUIDIA TECHNOLOGIES, INC. AND UNITED THERAPEUTICS CORPORATION, ANDTHEAMOUNTDEMANDED HEREUNDERDOESNOTEXCEED THE AMOUNT OF SUCH PROSPECTIVE INFRINGEMENT INSTALLMENT THAT IS THEN DUE AND UNPAID. WE HEREBY DEMAND THE AMOUNT OF USD UNDER JPMORGAN CHASEBANK,N.A.LETTER OFCREDITNUMBER [***]."
THISLETTEROFCREDIT ISTRANSFERABLE,BUTONLYINITSENTIRETY, ANDMAY BESUCCESSIVELYTRANSFERRED.TRANSFER OFTHISLETTER OF CREDIT SHALL BE EFFECTED BY US UPON YOUR SUBMISSION OF THIS ORIGINAL LETTER OF CREDIT, INCLUDING ALL AMENDMENTS, IF ANY,
ACCOMPANIED BY OUR TRANSFER REQUEST FORM DULY COMPLETED AND EXECUTED. IF YOU WISH TO TRANSFER THE LETTER OF CREDIT, PLEASE
CONTACT USFOR THEFORM WHICHWESHALL PROVIDE TO YOUUPONYOUR REQUEST.IN ANY EVENT, THIS LETTER OF CREDIT MAY NOT BE TRANSFERRED TO ANY PERSON OR ENTITY LISTED IN OR OTHERWISE SUBJECT TO, ANY SANCTION OR EMBARGO UNDER ANY APPLICABLE RESTRICTIONS. CHARGES AND FEES RELATED TO SUCH TRANSFER WILL BE FOR THE ACCOUNT OF THE ACCOUNT PARTY.
WEENGAGE WITHYOUTHAT DOCUMENTS DRAWN ANDPRESENTED UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT SHALL BE DULYHONORED IFPRESENTED ATOUR COUNTERS ATJPMORGAN CHASEBANK, N.A.,TRADE AND WORKING CAPITAL OPERATIONS, [***], ON OR BEFORE THE EXPIRATION DATE. ALL PAYMENTS DUE HEREUNDER SHALL BEMADEBYWIRETRANSFER TOTHEBENEFICIARY'S ACCOUNT PER THEIR INSTRUCTIONS. ALLDOCUMENTS PRESENTED MUSTBEINENGLISH.
THIS LETTER OF CREDIT MAY BECANCELLED PRIOR TOEXPIRATION PROVIDED AWRITTEN STATEMENT, SIGNEDBYTHEBENEFICIARY, IS RECEIVED BY JPMORGAN CHASE BANK, N.A., AT OUR ADDRESS AS INDICATED HEREIN, STATING THAT THE LETTER OF CREDIT NO. [***] IS NO LONGER REQUIRED AND CAN BECANCELLED.
WEMUSTCOMPLY WITHALLSANCTIONS, EMBARGO ANDOTHER LAWSAND REGULATIONS OFTHE U.S.AND OFOTHER APPLICABLE JURISDICTIONS TO THE EXTENT THEY DO NOT CONFLICT WITH SUCH U.S. LAWS AND REGULATIONS ("APPLICABLE RESTRICTIONS"). SHOULD DOCUMENTS BE PRESENTED INVOLVING ANY COUNTRY, ENTITY, VESSEL OR INDIVIDUAL LISTED INOR OTHERWISE SUBJECT TOANY APPLICABLE RESTRICTION, WE SHALL NOT BE LIABLE FOR ANY DELAY OR FAILURE TO PAY, PROCESS OR RETURN SUCH DOCUMENTS OR FOR ANY RELATED DISCLOSURE OF INFORMATION.
THIS LETTER OF CREDIT IS GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITHTHELAWSOFTHESTATEOFNEW YORK, AND, EXCEPT AS OTHERWISE EXPRESSLYSTATED HEREIN, TO THE INTERNATIONAL STANDBY PRACTICES, ICC PUBLICATION NO. 590 (THE "ISP98"), AND INTHEEVENT OFANYCONFLICT ISP98WILLCONTROL, WITHOUT REGARD TOPRINCIPLES OFCONFLICT OFLAWS. ANY DISPUTES ARISING FROMOR IN CONNECTION WITH THIS STANDBY LETTER OF CREDIT SHALL BE SUBJECT TO THEEXCLUSIVE JURISDICTION OFUNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN.
PLEASEADDRESS ALLCORRESPONDENCEREGARDING THISSTANDBY LETTER OF CREDIT QUOTING OUR REFERENCE [***] TO:
JPMORGANCHASEBANK,N.A.
TRADEANDWORKINGCAPITALOPERATIONS
[***]
[***]
UnitedStates
23Oct2026
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Allinquiries regarding thistransaction maybedirected toourClient Service Group quoting ourreference [***]using the following contact details:
TelephoneNumber:[***]
EmailAddress:[***]
YoursFaithfully,
JPMorganChaseBank,N.A.,
/s/ Tahir H Rana
AuthorizedSignature
Tahir H Rana
VP-OperationsManager
[***]
UnitedStates
23Oct2026
Page-3/3